# In the matter of RHC Holding Private Limited CP-IB-231 (PB)-2022

> NCLT judgment dated 2022-05-13. Citation: TCN-2022-NCLT-02748. The case involves an application filed by Religare Comtrade Limited (Financial Creditor) under…

- **Court:** NCLT
- **Order date:** 13 May 2022
- **Citation:** TCN-2022-NCLT-02748
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rhc-holding-private-limited-cp-ib-231-pb-2022-ebec5a47

## Summary

### Background

The case involves an application filed by Religare Comtrade Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against RHC Holding Private Limited (Corporate Debtor) due to a default in repayment of a loan. The Financial Creditor disbursed a loan of Rs. 99,00,00,000/- to the Corporate Debtor based on a Memorandum of Understanding (MOU) dated 29.03.2017, with a repayment date of 28.04.2017 and an interest rate of 14% per annum. The Corporate Debtor failed to repay the loan, leading to the application for CIRP.

## Facts

Religare Comtrade Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against RHC Holding Private Limited (Corporate Debtor). A loan of Rs. 99,00,00,000/- was disbursed by the Financial Creditor to the Corporate Debtor based on a Memorandum of Understanding (MOU) dated 29.03.2017, with a repayment date of 28.04.2017 and an interest rate of 14% per annum. The Corporate Debtor failed to repay the loan by the due date. Several MOUs were executed to extend the repayment date. The Corporate Debtor failed to repay the total outstanding amount of Rs. 1,47,44,73,067.90/- as on 08.01.2021. Demand notices were issued on 04.09.2018 and 10.07.2020. The application

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the Insolvency and …

**Ratio:** The application is maintainable if it meets the requirements of Section 7 of the IBC,

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**Reasoning:** The Adjudicating Authority found that the application was filed in the prescribed

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**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a

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**Application:** The application was filed by a financial creditor, Religare Comtrade Limited,

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Religare Comtrade…
- **Respondents:** RHC Holding…

## Timeline

- **2017-03-29 — MOU Exec…**: Memorandum of Understanding (MOU) executed between Religare Comtrade Limited and RHC…
- **2017-04-28 — Repayment…**: Original repayment date for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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